Amazon Back on Cusp of $1 Trillion Value After 7-Day Streak




Amazon Back on Cusp of $1 Trillion Value After 7-Day Streak
Amazon Back on Cusp of $1 Trillion Value After 7-Day Streak  

(Bloomberg) -- Amazon.com Inc. is flirting with a $1 trillion valuation again after posting its longest winning streak since briefly surpassing that level in September.

Seven consecutive days of gains have boosted the e-commerce giant's market value to $993 billion as of Wednesday's close, according to data compiled by Bloomberg. A gain of less than 1% for the stock would push the market capitalization above the 13-figure mark. The shares closed that gap on Thursday morning, climbing 0.4% in early trading before U.S. markets opened -- a move that would push the market value to nearly $998 billion.

Amazon has added about $119 billion in market value since the end of May. Nearly half of those gains have come in the past seven days, which comprises Amazon's longest string of advances since Sept. 4.

Microsoft Corp. is currently the only company with a market value above $1 trillion. Apple Inc. was long the world's largest company, but hasn't regained all of the market value it lost late last year amid concerns about demand for the iPhone, its top selling product, and the U.S. trade war with China. Apple has a current market valuation of $935 billion, down from an October record of $1.12 trillion.

(Adds Thursday's trading in the second paragraph.)

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Courtney Dentch

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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